Euro Weekly Chart

After an enlightening conversation with a friend of mine earlier today, I decided to update the Euro chart and say a few words.

Hopefully this website is giving you all a better understanding of trading the currency. Although I can't tell you where to buy/sell or even place your stops, I can show you charts with Elliott waves and fib support and resistance. This should give you a good idea of the direction we are heading in. I have been mentioning that we are in a downtrend for a few weeks now but I am still getting emails asking if the trend has changed. The trend will remain the same until certain prices have been breached and I will come on to that in a moment.

Away from trading for a moment. I would like to point out I do not have charges, fees or subscriptions for my website but a couple of you have mentioned I should be charging for the information I make available. After giving some thought to this I have decided not to make any changes and this website will still remain free.
However, I would ask if you use the information from this website and you find it useful, I would be very grateful if you would kindly make a donation to one of the following charities below:

Cancer Research
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Whatever amount you wish to make really would be very much appreciated and would inspire me to continue updating this website so please please take a few minutes out of your day and make a small donation.

Thank you.

Ok, now back to trading the Euro. As I mentioned earlier, the trend on the Weekly chart of the Euro is showing as a trend heading downward. At the present moment, it looks like we have completed a wave B and are currently in wave C. Wave B completed around the 1.618 Fib APP which is a good signal for an end of wave.

Now the Elliott rule points out that wave C has to break beyond wave A which is marked on the chart as 11639. The downtrend will remain in place unless we break the high of what looks like a wave B marked on the chart as 12980. Of course we can always go back up to that area and test it again some more before we start to head back down again but unless the wave B high is broken then nothing changes. I hope that makes is clear for everyone. The trend is DOWN.

Lastly, if you use your software and perform this fib on weekly chart you may understand the trend being down slightly more. For those of you that have learnt the Dynamic Trading Method then you will know this. Using fib retracement, take the high on a weekly chart at wave B on June 9th and drop it down to the low of June 23rd. You will notice the recent price rally of the last two weeks has retraced up to the 0.786 fib. This is usually a reversal fib. Don't forget the recent strong support I mentioned to you last week has been broken on Friday. This will now act as a resistance.

Have a great weekend and good luck on your trades next week. Please don't forget to make a donation.

Many Thanks.

Euro Daily Chart

The daily outlook is a little different short term to the swing trade outlook as seen on the Weekly.

Although the trend is down it maybe we come across a short term bounce around the 0.786 fib shown in red at around 12625-12561 so watch price action around there. If we deal below 12500 with a pullback and continuation below 12500 then that would be a good sign to continue our downtrend.

Have a good weekend.

Euro Projection Daily Chart

The chart above shows the possible price projections for the ABC wave. If we continue our downtrend momentum (and we will undoubtedly have smaller waves up and down within the bigger downtrend wave) then the price could well hit those projections.
As always though, please do your own analysis.

Euro Resistance Daily Chart

Above is the daily chart of the Euro. Earlier this week I uploaded my Elliott waves and after having been asked yesterday if we have hit a top, I decided to upload a newer chart showing resistance and reversal. The three thin blue lines are my reference points. The thicker red line and thicker blue line are the projected points.
The thick blue line shows the resistance and possible price turning point and since hitting that price then we have headed down.

Software I use

I had an email today referring to one of the software packages I use and another email asking what software package I use.

For your information and to clear things up, I use realtime software and below I have listed the three main software programs I use for trading.

AdvancedGet which is my main and favourite software.

DynamicTrader which is my second favourite software.

Metastock which although I use the least is probably the most powerful for backtesting and creating strategy alerts. Email me for a $150 discount.

Price on July 13th 2006:

AdvancedGet costs $3995. However, if you decide you wish to buy this software then let me know as I can provide it for $2995 + Vat.

DynamicTrader costs $2100.

Metastock costs $1695. If you wish t buy this software then please email me as I can supply you with a $150 discount code.

Lastly, you may find it useful to get yourself a copy of website-watcher. Have a read on there website for the description but in a nutshell, for those of you that frequent certain sites (maybe even this) for updates, then this makes life a lot easier as it automatically checks to see when a site on your list has been updated then notifies you, saving you the time and effort to check yourself all the time.

I shall put some permanent links up later.

British Pound Resistance

Notice how the GBP is just at the resistance? This should be interesting. The bigger the time fram the bigger the resistance and this is a weekly chart above. That is not to say it might not break the resistance but I would watch this for a bit to see what it does.
As usual, do your own analysis.

Euro Dollar Resistance

The Euro is right at a fib resistance. Will be worthing watching it to see if it deals above this price.

Euro & Pound Values

Euro values on the left and Pound values on the right.

Euro Chart

A deal below 12690 could bring more of a bearish outlook.

Euro Dollar & Pound Dollar

The first column is Euro Dollar and the second column is Pound Dollar values for today.

Euro Support

If shorting the Euro, lookout around 12668 as there is a cluster support.

Cable Wave Count

Similar wave count on the British Pound to the Euro but wave 2 or B on Cable reached 0.786 exactly. If the wave count is correct then the price will at some point go lower than 17046.

Euro Elliott Wave Count

With my Euro wave count, on the 31st December 2004 is a wave 3. This is probably the case as wave B (red arrow) is around the 0.618 line. However, the 31st December 2004 could actually be a wave 3, the wave 1 or A could be the wave 4 on the 18th November 2005 so currently we could be doing a wave 5.
Although, as wave 2 or B is not only at 0.618 and but also a previous resistance and looks like the right shoulder formation. If this is the case and a head and shoulders is formed then the first wave count that is also labelled on the chart will probably be the correct one which would mean wave C will go lower than wave A.

Elliott Waves

Ok, I got your email referring to what Elliott waves the main currencies are on. I only count the waves for EurUsd and GbpUsd and will post both of these in the morning for you.